Emerging-market slowdown, falling share prices and a stronger yen, sluggish personal consumption
First written in FY2017-Q1. 18 of 32 entries say "Worsened", first in FY2017. Latest entry: 2026-08-07.
Kyodo Printing moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 152 of 178 companies on the "Worse" side.
60 other companies' latest entry also says "Restated".
- FY2026WorsenedAnnual report
「During the fiscal year, Japan's economy continued on a gradual recovery trend, despite some effects from US trade policy, supported by improvements in employment and income conditions. At the same time, the business environment became more complex and diverse, owing to the rapid development of generative AI technology and responses to social issues such as human rights and global environmental problems. In addition, concerns arose that developments in the Middle East and rising prices could weigh on corporate performance and personal consumption, requiring attention to the economic outlook.」
While the gradual recovery continued, concerns that US trade policy, the situation in the Middle East and rising prices could weigh on corporate performance and personal consumption were explicitly stated, and factors requiring attention in the economic outlook persisted. - 2026-05-15WorsenedResults
「当社グループを取り巻く経営環境は、地政学リスクによる物価上昇やサプライチェーンの混乱が、企業の収益性悪化や個人消費の下押しにつながることが懸念され、先行きは不透明な状況であります。」
従来の物価上昇や景気先行きへの懸念に加え、地政学リスクとサプライチェーンの混乱を収益性・個人消費への下押し要因として明示した。 - FY2026-H1WorsenedAnnual report
「However, the outlook continued to require attention to the effects of persistently rising prices on personal consumption.」
While a gradual recovery trend was indicated, the effects of US trade policy and persistently rising prices on personal consumption were explicitly identified as new factors requiring attention in the economic outlook. - FY2025-H1RestatedAnnual report
「Japan's economy continued to recover gradually, although some areas remained stalled. However, the outlook for the domestic economy continued to require close attention to the effects of sustained high interest rates in Europe and the United States and the situation in the Middle East.」
While the domestic economy continued to recover gradually, the need to monitor sustained high interest rates in Europe and the United States and the situation in the Middle East remained noted. - FY2024-Q3WorsenedAnnual report
「Although improvements in income and employment conditions and the effects of various policies are expected to support the continuation of the recovery trend in the domestic economy, the outlook remained uncertain owing to the situation in the Middle East, global monetary tightening and the effects of rising prices.」
While the continuation of the economic recovery was expected, the situation in the Middle East was added as a new source of uncertainty, and the effects of global monetary tightening and rising prices continued to be noted. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover gradually as economic activity normalized. Although improvements in income conditions and the effects of various policies are expected to support the continuation of the recovery trend in the domestic economy, the outlook continued to require close attention to the effects of energy conditions and global monetary tightening.」
While normalization of economic activity and an economic recovery were indicated, the effects of energy conditions and global monetary tightening were explicitly identified as factors requiring attention in the outlook. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover gradually as the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5. Although various policies, including structural wage increases, are expected to support the continuation of the recovery trend in the domestic economy, the outlook continued to require close attention to the effects of rising prices and concerns about a slowdown in overseas economies.」
While the economic recovery continued following the reclassification of COVID-19, rising prices and concerns about a slowdown in overseas economies were identified as new factors requiring attention, and external economic risks persisted. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued to recover gradually, partly as a result of various policies, including the easing of border-control measures and nationwide travel support, under the conditions of living with COVID-19. However, as Russia's invasion of Ukraine continued, the domestic economic outlook continued to require close attention owing to concerns about a slowdown in overseas economies resulting from monetary tightening and soaring energy prices and inflation.」
While signs of an economic recovery were indicated, concerns about the situation in Ukraine and soaring energy prices and inflation continued, and concerns about a slowdown in overseas economies resulting from monetary tightening were explicitly added. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to recover as the transition to a new phase of living with COVID-19 progressed. However, the outlook continued to require close attention owing to the prolonged Russian invasion of Ukraine, soaring energy prices and inflation, and the rapid depreciation of the yen.」
While signs of an economic recovery were indicated, the prolonged situation involving Russia and Ukraine, soaring energy prices and inflation, and the rapid depreciation of the yen were explicitly identified as new concerns for the outlook. - FY2023-Q1SoftenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to recover as the number of COVID-19 cases trended downward and economic activity normalized. However, the outlook required close attention, owing to concerns about the prolonged situation in Ukraine, soaring prices of raw materials and other items, and a resurgence of infections caused by new variant strains.」
While a decline in the number of infections and normalization of economic activity were indicated, the situation in Ukraine, raw-material prices and a renewed spread of infections caused by new variant strains remained concerns for the outlook. - FY2022WorsenedAnnual report
「During the fiscal year, Japan's economy was significantly affected by the status of COVID-19 infections. Although the state of emergency was fully lifted at the end of September and priority preventive measures to prevent the spread of disease were fully lifted in late March, concerns remained about a renewed spread of infections caused by new variant strains, soaring energy prices and a downturn in the global economy resulting from the situation involving Russia and Ukraine, requiring continued attention to the economic outlook.」
In addition to the infection situation, concerns about a downturn in the global economy caused by soaring energy prices and the situation involving Russia and Ukraine were newly stated explicitly. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained in a severe condition as the impact of COVID-19 spread and persisted. Following the lifting of the state of emergency at the end of September, expectations grew for an economic recovery driven by a faster recovery in economic activity. However, the outlook remained uncertain amid the rapid spread of variant strains in Japan and overseas and rising energy prices.」
While expectations for a recovery following the lifting of the state of emergency were indicated, the outlook remained uncertain owing to the rapid spread of variant strains and rising energy prices. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained in a severe condition, as the state of emergency and priority preventive measures to prevent the spread of COVID-19 continued to be applied, and the Tokyo Olympics and Paralympics were held without spectators. Expectations grew that progress in vaccinations and the resulting easing of activity restrictions would accelerate the recovery in economic activity, and business sentiment showed signs of recovery. However, the outlook remained uncertain amid domestic and overseas infection trends and rising energy prices.」
While restrictions related to the infection continued, domestic and overseas infection trends and rising energy prices were explicitly identified as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained in a severe condition as the resurgence of COVID-19 led to intermittent declarations of a state of emergency, mainly in major prefectures and urban areas, and the application of priority preventive measures to prevent the spread of disease, while the easing of various restrictions was repeatedly reviewed. Although expectations grew that the spread of vaccinations would accelerate the recovery in economic activity and business sentiment showed signs of improvement, infections with variant strains were spreading rapidly and the outlook remained uncertain.」
The resurgence of infections, intermittent application of the state of emergency and other measures, and the rapid spread of variant strains continued to cause uncertainty over the economic outlook. Expectations for a recovery driven by the spread of vaccinations were also noted. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy remained in an extremely severe condition as the spread of COVID-19 showed no signs of abating and domestic and overseas economic activity continued to face significant restrictions. Corporate earnings and business sentiment deteriorated. Although personal consumption and production showed some signs of recovery, the economic outlook remained uncertain amid the resurgence of infections and the reissuance of the state of emergency.」
The spread of infections showed no signs of abating, while the deterioration in corporate earnings and business sentiment, the resurgence of infections and the reissuance of the state of emergency were explicitly stated, strengthening uncertainty over the economic outlook compared with the previous quarter. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained in a severe condition as the stagnation of socioeconomic activity caused by the spread of COVID-19 continued for an extended period. Although personal consumption and exports showed some signs of recovery, partly as a result of various government policies, corporate earnings declined significantly and the economic outlook remained uncertain.」
The stagnation of socioeconomic activity caused by COVID-19 continued for an extended period, while the significant decline in corporate earnings and uncertainty over the economic outlook persisted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy remained in an extremely severe condition as socioeconomic activity rapidly stagnated due to the spread of COVID-19. Although personal consumption showed signs of recovery following the lifting of the state of emergency, concerns remained about a second wave of infections, and the economic outlook became increasingly uncertain amid a significant downside risk.」
Socioeconomic activity rapidly stagnated due to COVID-19, while a second wave of infections and a significant downside risk to the economy were explicitly identified, further intensifying external-environment risks. - FY2020WorsenedAnnual report
「The economic outlook was expected to deteriorate significantly, owing to the impact of the US-China trade dispute on the global economy, trends in consumer sentiment following the consumption tax increase, and the rapid deterioration in domestic and overseas economic activity accompanying the spread of COVID-19.」
In addition to the existing US-China trade dispute and consumer sentiment concerns, the rapid deterioration in domestic and overseas economic activity caused by the spread of COVID-19 and the expected significant downturn in the economy were explicitly stated. - FY2020-Q3WorsenedAnnual report
「However, the outlook remained uncertain, owing to the impact of a prolonged US-China trade dispute on the global economy and trends in consumer sentiment following the consumption tax increase.」
While a gradual recovery trend in the domestic economy was indicated, the prolonged US-China trade dispute and consumer sentiment following the consumption tax increase were explicitly identified as new sources of uncertainty. - FY2019SoftenedAnnual report
「During the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings and employment conditions improving and personal consumption also showing signs of recovery.」
A recovery trend in the domestic economy and a recovery in personal consumption were indicated, while the concerns about trade issues noted through the previous quarter were removed from the description of the operating environment. - FY2019-Q3SoftenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings remaining firm, employment and income conditions improving, and personal consumption also showing signs of recovery. However, concerns remained about the impact of developments in trade issues on the global economy.」
While the domestic economy continued on a gradual recovery trend, the wording changed from the previous specific references to protectionism and trade friction to concern about the impact of trade issues on the global economy. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings remaining firm, employment and income conditions improving, and personal consumption also showing signs of recovery. However, the outlook remained uncertain, owing to concerns about trade friction resulting from the expansion of protectionism and rising crude oil prices.」
While a recovery trend in the domestic economy was indicated, the previous concern about protectionism took concrete form as trade friction, and rising crude oil prices, rather than raw-material prices, were explicitly identified as a source of uncertainty. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings remaining firm, employment and income conditions improving, and personal consumption also showing signs of recovery. However, the outlook remained uncertain, owing to concerns about the expansion of US protectionism and rising raw-material prices.」
While a recovery trend in the domestic economy was indicated, concerns about the expansion of US protectionism were newly stated explicitly, adding another source of uncertainty to the economic outlook. - FY2018-Q3SoftenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings remaining firm, employment and income conditions improving, and personal consumption also showing signs of recovery.」
Improvement in corporate earnings, employment and income conditions, and personal consumption was indicated, with no references to the emerging-market slowdown, falling share prices, a stronger yen or sluggish personal consumption. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of the government's economic measures and other factors, and personal consumption also showing signs of recovery.」
The domestic economy continued on a gradual recovery trend, supported by improvements in corporate earnings, employment conditions and personal consumption, with no material change in external-environment risks. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of the government's economic measures and other factors, and personal consumption also showing signs of recovery.」
Improvement in corporate earnings, employment conditions and personal consumption was indicated, with no reference to deterioration in the external environment, such as the emerging-market slowdown, falling share prices or a stronger yen. - FY2017WorsenedAnnual report
「During the fiscal year, Japan's economy continued on a gradual recovery trend, with corporate earnings and employment conditions improving as a result of the government's economic measures and other factors. However, concerns remained about the outlook amid uncertainty in overseas economies, including the slowdown in emerging-market economies such as those in Asia and policy changes following the inauguration of the new US administration.」
While a recovery trend in the domestic economy was indicated, references to the emerging-market slowdown, which had diminished in the previous quarter, returned, and uncertainty in overseas economies arising from US policy changes was newly added. - FY2017-Q3SoftenedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed signs of a gradual recovery, with personal consumption remaining firm as employment and income conditions improved.」
Personal consumption continued to trend firmly, with no references to the emerging-market slowdown, falling share prices or a stronger yen, further weakening the references to external-environment risks. - FY2017-Q2SoftenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed signs of a gradual recovery, with personal consumption remaining firm as employment and income conditions improved. However, the economic environment remained unstable, as exports and capital investment by companies remained sluggish amid the slowdown in emerging-market economies, led by China, and the stronger yen.」
Sluggish personal consumption shifted to a firm trend, and references to falling share prices disappeared, while the weakness in exports and capital investment caused by the emerging-market slowdown and stronger yen continued to be noted. - FY2017-Q1First statedAnnual report
「The economic environment remained unstable, owing to the slowdown in emerging-market economies, led by China, falling share prices and a stronger yen, as well as sluggish personal consumption.」
This is described as an external risk to the economic environment during the quarter.